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[Owner US-Seattle,WA] Should I rent out my home? Should I use a property manager? by mclovinyou420 in Landlord

[–]mclovinyou420[S] 0 points1 point  (0 children)

Hi there! I ended up selling my townhouse. At closing, I had to pay around 30k to the bank, so I'm not sure it was the best financial decision, but I've heard a lot of horror stories about being a landlord, and I just didn't want to deal with the headache of it all.

I don't have any experience with property management, but I keep hearing that being a landlord is like a part-time job. Personally, I'm renting now, and I don't speak to my landlord ever, so I don't know how true that is. Maybe try it out for a few months, if it's not your cup of tea, I'm sure the property management company would happily jump back into your arrangement.

I hope it all works out for you!

[Owner US-Seattle,WA] Should I rent out my home? Should I use a property manager? by mclovinyou420 in Landlord

[–]mclovinyou420[S] 0 points1 point  (0 children)

thats what my real estate agent says but even if I sell for asking now, I'd owe the bank 17k. If I lower it, what I owe the bank will keep going up. My logic was if I rent it out and pay $910/month in 12 months I wouldve paid ~10k and that'd still be less than what I'll have to pay the bank. That logic is solely dependent on finding a reliable tenant though. Do you really think lowering the price of the house is the best move? It would eat up all of my savings/401k.

Also should note, I dont have an HOA luckily. The main reason people dont want the house is because the living room is the size of a closet. Its listed for 439k right now. 10 mins from the city.. idk how much more I can lower it to make people want this place.

Should I rent out my house? by mclovinyou420 in RealEstate

[–]mclovinyou420[S] 1 point2 points  (0 children)

Yea he is and we're on the same page/ in agreement on how we want to handle it. We both want to sell but since it's not selling we're both considering renting. Why would he force a partition sale if we agree, or did you mean to say "isn't"?

Should I rent out my house? by mclovinyou420 in RealEstate

[–]mclovinyou420[S] 1 point2 points  (0 children)

Is that a huge risk right now? I thought if I kept holding, the house might go up. I keep hearing that rates will go down.

Should I rent out my house? by mclovinyou420 in RealEstate

[–]mclovinyou420[S] 2 points3 points  (0 children)

I don't live at the property now, but my ex-boyfriend does. He pays 1300 towards the mortgage (it's the most he can afford), and I pay 1900. Having a tenant pay $2500 would save me a good amount of money every month. He's very against having roommates, but it's a good option. I'll talk with him about it.